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Author Topic: Scam alert : Do NOT INVEST in Genesis Mining  (Read 228537 times)
ardentvolcanoes
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November 26, 2016, 04:03:46 PM
 #221

ever since that I found this genesis-mining I've never trusted it, maybe it appears to be legit but i am already tired of any investments ponzi/hyip and I just want to hold all my earnings rather than putting it to any kind of investments especially when the hashocean collapsed i really have a doubt that genesis-mining will never become like HO and now it is on the scam accusations.

B O

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BitcoinNewsMagazine
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December 01, 2016, 07:02:34 PM
 #222

Genesis Mining is legitimate but they are in this to make money for themselves and their investors first remember. The dirty secret they try to hide from investors is the very high daily fees they charge. For SHA-256 they charge $0.35 per TH per day. That means over half your mining profit goes to Genesis Mining in terms of fees. That is not fair and there are alternatives. BW.com only charges $0.26 per TH per day while ViaBTC is lowest at $0.16 per TH per day. Hashnest is not selling hosted S9 mining yet.

Malindi
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Investing in get-rich-quick schemes is plain dumb!


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December 02, 2016, 04:09:30 PM
 #223

Genesis Mining is committing daylight robbery. I mean it sells contracts to investors knowing very well they will lose money. Why does the company continue providing a service which make investors lose money? As far as I am concerned Genesis Mining is one big scam. Its directors are crooks and fraudsters and should be prosecuted.

http://kipicommunity.org/
PONZI SCHEMES REVIEWS
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December 02, 2016, 04:31:01 PM
 #224

Genesis Mining is committing daylight robbery. I mean it sells contracts to investors knowing very well they will lose money. Why does the company continue providing a service which make investors lose money? As far as I am concerned Genesis Mining is one big scam. Its directors are crooks and fraudsters and should be prosecuted.

this one is easy to answer: because there are always clueless suckers paying for it

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Glucose
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December 03, 2016, 04:11:24 PM
 #225

Genesis Mining is committing daylight robbery. I mean it sells contracts to investors knowing very well they will lose money. Why does the company continue providing a service which make investors lose money? As far as I am concerned Genesis Mining is one big scam. Its directors are crooks and fraudsters and should be prosecuted.

this one is easy to answer: because there are always clueless suckers paying for it

That's why we have to hurt their reputation. Feel free to add a negative trust to their profile : https://bitcointalk.org/index.php?action=profile;u=247140

When there will be enough negative trust it will become quite hard for them to sell anything.

zero1ten
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December 04, 2016, 11:56:20 AM
 #226

It's a great thing to be a member of this forum, I almost invested $250 worth of zcash just last week on genesis, but decided to put it on hold, thankfully I found this thread. Never doubted that site before seeing this.
favdesu
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December 04, 2016, 03:07:43 PM
 #227

It's a great thing to be a member of this forum, I almost invested $250 worth of zcash just last week on genesis, but decided to put it on hold, thankfully I found this thread. Never doubted that site before seeing this.

consider yourself very lucky.

question everything in bitcoin and always do due diligence.

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zero1ten
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December 04, 2016, 03:16:42 PM
 #228

It's a great thing to be a member of this forum, I almost invested $250 worth of zcash just last week on genesis, but decided to put it on hold, thankfully I found this thread. Never doubted that site before seeing this.

consider yourself very lucky.

question everything in bitcoin and always do due diligence.

Yeah i know, but I never have any doubt about genesis before though by looking at all the good reviews about them on other sites, so I'm kinda not paying attention on their credibility until I read this thread.
coolcoinz
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December 04, 2016, 09:00:31 PM
 #229

I'm sure they are trying to keep their own mining operation afloat by allowing contract buyers to chip in. This is a really clever, but easy to understand setup, or scheme if you prefer.
A site owner buys mining hardware and offers you to share the costs and profits, but hides his real costs and profits from you. In the end the end what he gets from you is a low (or no) interest loan, to finance his own mining operation, and 99% of the profits go to him and 1% to you.


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convertekk
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December 09, 2016, 04:59:08 PM
 #230

They are letting users buy HashPower even before account verification. One could get a hint of their greed from this. Glad I didn't sign up.

tbonetony
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December 14, 2016, 09:54:24 PM
 #231

They are letting users buy HashPower even before account verification. One could get a hint of their greed from this. Glad I didn't sign up.

There are many other choices elsewhere. Good decision to ditch GM.

K&T Crypto Hosting, hosting as low as $45/kW per month ($0.06/kWh): https://bitcointalk.org/index.php?topic=1794057.0








I offer private S9 rental for various length: https://bitcointalk.org/index.php?topic=1708351.0
marketone
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December 15, 2016, 10:31:54 AM
 #232

Genesis Mining is legitimate but they are in this to make money for themselves and their investors first remember. The dirty secret they try to hide from investors is the very high daily fees they charge. For SHA-256 they charge $0.35 per TH per day. That means over half your mining profit goes to Genesis Mining in terms of fees. That is not fair and there are alternatives. BW.com only charges $0.26 per TH per day while ViaBTC is lowest at $0.16 per TH per day. Hashnest is not selling hosted S9 mining yet.

Yes really they are stealing people money directly in the form of high fees, many people are investing into genesis mining because they cannot able afford all the requirement for mining, so people are investing into genesis but here they are getting very less amount of coin of what their investment. Really genesis large user base really they are setting all the farms for mining which are from people money only. But they are not giving much returns to the people. Really very disgusting.


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tbonetony
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December 16, 2016, 12:44:00 AM
 #233

Genesis Mining is legitimate but they are in this to make money for themselves and their investors first remember. The dirty secret they try to hide from investors is the very high daily fees they charge. For SHA-256 they charge $0.35 per TH per day. That means over half your mining profit goes to Genesis Mining in terms of fees. That is not fair and there are alternatives. BW.com only charges $0.26 per TH per day while ViaBTC is lowest at $0.16 per TH per day. Hashnest is not selling hosted S9 mining yet.

Yes really they are stealing people money directly in the form of high fees, many people are investing into genesis mining because they cannot able afford all the requirement for mining, so people are investing into genesis but here they are getting very less amount of coin of what their investment. Really genesis large user base really they are setting all the farms for mining which are from people money only. But they are not giving much returns to the people. Really very disgusting.

Well said. They haven't done anything so obviously criminal. However, attracting the crowd into a pitch that is unlikely to ROI from the very beginning is also sick practice and morale.

K&T Crypto Hosting, hosting as low as $45/kW per month ($0.06/kWh): https://bitcointalk.org/index.php?topic=1794057.0








I offer private S9 rental for various length: https://bitcointalk.org/index.php?topic=1708351.0
ImHash
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December 16, 2016, 12:55:58 AM
 #234

Any cloudmining services promising ROI under 10 month is for sure scam. However I did invest in GM but only $20 to see how does it work and now after 4 month I wouldn't invest there, problem solved.


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Glucose
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December 17, 2016, 10:46:49 PM
 #235

Any cloudmining services promising ROI under 10 month is for sure scam. However I did invest in GM but only $20 to see how does it work and now after 4 month I wouldn't invest there, problem solved.

Yeah problem "solved". But too bad you lost 20$, like many others.

By the way : I'm quite happy to see others website saying Genesis Mining is a scam : http://kipicommunity.org/genesis-mining-review-is-it-profitable-to-mine-with-genesis-mining/

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December 18, 2016, 09:31:23 AM
 #236

Any cloudmining services promising ROI under 10 month is for sure scam. However I did invest in GM but only $20 to see how does it work and now after 4 month I wouldn't invest there, problem solved.

Yeah problem "solved". But too bad you lost 20$, like many others.

By the way : I'm quite happy to see others website saying Genesis Mining is a scam : http://kipicommunity.org/genesis-mining-review-is-it-profitable-to-mine-with-genesis-mining/

$20 is nothing compared to a valuable lesson you learned there. could've lost a lot more

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December 25, 2016, 08:10:54 PM
 #237

Bought some "Lifetime" hash power just to see what would happen. 7 months later I no longer recieve any payments and it says I don't have any hashpower, even my order for the hashpower has been wiped but transaction history is still there. Don't know what happened but I sure wasn't close to a ROI anytime soon.
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December 26, 2016, 02:27:16 PM
 #238

Bought some "Lifetime" hash power just to see what would happen. 7 months later I no longer recieve any payments and it says I don't have any hashpower, even my order for the hashpower has been wiped but transaction history is still there. Don't know what happened but I sure wasn't close to a ROI anytime soon.

If you ask Genesis Mining they will probably tell you that fees were higher than your payout. Sorry for you. Spread the word : GM isn't profitable.

By the way : Good news everybody. Genesis Mining has been added to the global list of bitcoin scam : https://bitcointalk.org/index.php?topic=1326821.0

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January 04, 2017, 07:23:11 PM
 #239

We have published all our payouts from Genesis Mining in our Genesis Mining Reviewhttp://www.allcloudminers.com/genesis-mining-review/. We have payout charts and calculated ROI. We compare the calculated ROI to other cloud mining reviews such as Hashflare, ViaBTC, Hashing24 and much more.

Read our blog to get all updated calculations. Remember that the payouts will increase if the Bitcoin price increase which has happened the last month.

Genesis Mining closes the contracts if they are unprofitable for a certain amount of days in a row. This is standard among all cloud mining companies for "lifetime" contracts.

Remember that cloud mining is an investment with risk as any other investment.
Rogerdale
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January 05, 2017, 11:35:44 PM
 #240

Read our blog to get all updated calculations. Remember that the payouts will increase if the Bitcoin price increase which has happened the last month.

Does anybody know how much in BTC can I mine using genesis-mining per 1 TH/s per day nowadays? Is it worth to buy BTC mining powers with this enormously high BTC price?

I've read the blog above, but since then BTC price appreciated and total mining power increased.
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